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Magmatic Resources Limited (‘Magmatic’ or ‘the Company’) is pleased to provide an update on activities at its 100%-owned Parkes Project, located 15 kilometres to the southeast of the Northparkes Copper-Gold Mine (Evolution/Sumitomo) (Figure 2).
- Reconnaissance mapping and sampling has recently recommenced over the Black Ridge copper trend on Magmatic’s 100%-owned Parkes Project
- The prospect is located 15 kilometres southeast of the Northparkes Copper Mine and comprises surface copper-gold-silver anomalism in a zone extending over six kilometres parallel to the Parkes Thrust
- The Black Ridge trend includes multiple small-scale historic workings with outcropping copper mineralisation coincident with a large-scale copper-in-soil anomaly defined by portable XRF sampling
- Strong results have been returned from recent rock chip sampling along the trend, including up to 6.5% copper from minor unnamed workings at the southern end of the trend (see Figure 1)
- The trend is almost entirely untested beyond the surface expression, with previous drilling comprising only three closely spaced RC holes at a single location
- Further work at the prospect will include mapping, soil sampling and rock chip sampling, with a 23 line- kilometre induced polarisation (IP) survey commencing in August to identify priority drill targets
- The Company is well placed to accelerate exploration efforts at Parkes with its Myall Project to the north now fully funded through the Fortescue JV and $6.34M cash at hand at the end of the last quarter
Figure 1. Sample PER015, recently collected near shallow unnamed workings at the southern end of the Black Ridge copper trend during reconnaissance mapping. The sample contains secondary copper carbonates (blue and green) in a fractured limestone host, with assays for the sample returning 6.5% Cu, 0.16g/t Au & 16g/t.
Commenting on the work underway over the Black Ridge trend, Magmatic Resources’ Managing Director Dr. Adam McKinnon said:
“I am very pleased to see on-ground exploration work recommencing at our 100%-owned Parkes Project. The Black Ridge prospect is one of the many targets at Parkes that has the potential to develop into a major new discovery. Located only 15 kilometres southeast of the Northparkes Mine, in rocks that are clearly fertile, I’m actually a little surprised how under-explored the region has been.”
“Black Ridge combines kilometre-scale copper-in-soil anomalism, fantastic results from recent rock chip sampling and historic workings with outcropping mineralisation. With further work at the prospect to include a major IP geophysical survey, I am excited to see what the area may produce.”
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